MACRO ECONOMIC NEWS

WISH THE DAY SPARKS A SENSE OF SIMPLICITY WITH SINCERITY

Macro Economic News 29 May 2018

 

Japan’s Shinzo Abe wants in on the Trump-Kim summit; oil extends its slump; Italy’s populists call for demonstrations. Risk appetite withered in Europe with Italy lurching toward fresh elections. Treasury futures rose amid the risk-off sentiment. China is taking fresh measures to tame the country’s $10 trillion shadow banking sector, but after a one-year squeeze on the riskiest areas of the industry, there’s still a lengthy battle ahead. China’s shadow banking assets as a proportion of gross domestic product has slipped from 87 percent of GDP in 2016 to 79 percent in 2017.

 

FINANCIAL TIMES

[I]  Mahathir vows deep cuts to save Malaysian economy

[I]  Japan’s elderly care bill soaks up worker pay rises

[I]  Turkish central bank pledges to simplify rates to stem lira slide

[I]  Chinese box office takings look to beat US for first time

[I]  Mahathir Mohamad charts new democratic path for Malaysia

[I]  EU plans €30bn funding shift from central and eastern Europe

[I]  South Korea’s president might join Trump-Kim summit in Singapore

[I]  Blue states clash with Washington over tax law

[I]  EU plans to ban plastic straws, cutlery and plates

[I]  Treasury and BoE clash over City of London regulation after Brexit

 

REUTERS

[I]  India says it only follows U.N. sanctions, not U.S. sanctions on Iran

[I]  President readies Italy for snap polls to be fought on EU, euro

[I]  South Korea to provide economic support to hard-hit shipbuilding regions

[I]  African finance leaders to debate China's yuan as a reserve currency - Xinhua

[I]  Japanese, U.S., German, Australian team targets big battery projects in Asia-Pacific

[I]  Japan jobless rate steady at 2.5 percent in April: govt.

[I]  Canada initiates dumping inquiry into steel imports from China, Vietnam and South Korea

[I]  Manufacturers ask Britain to drop 'max fac' post-Brexit customs proposal

[I]  U.S. and China clash over 'technology transfer' at WTO

[I]  Venezuela warns businesses not to halt payments amid currency overhaul

[I]  EU lawmakers push to toughen screening of foreign investments

[I]  South Korea calls for more impromptu talks with North Korea as U.S. prepares for summit

[I]  Japan's draft budget plan targets a primary surplus in fiscal 2025

[I]  Global Economy: Europe and U.S. lurch closer towards trade war

 

BLOOMBERG 

[I]  Australia's A$2.6 Trillion Pension System Is ‘Unlucky Lottery’

[I]  Italy Eyes New Vote; Violent India; Turkey Rate Revamp: Eco Day

[I]  Crises Past and Future Occupy World’s Greatest Economic Minds

[I]  Oil Extends Decline as Saudi Arabia, Russia Signal Output Boost

[I]  China's $10 Trillion Shadow Bank Crackdown Has a Long Way to Go

[I]  Why Turkey Simplified Its Tangled Interest Rates: QuickTake Q&A

[I]  Russia Loses Its Edge as Oil Drop Spurs Worst ETF Flows in Year

[I]  Spanish Government Proposes De Cos for Central Bank Governor

[I]  Italian Banks Lead Stock Declines After Government Plan Unravels

[I]  What Krugman, Reinhart May Miss on Emerging Market Risk

[I]  What the Finance Industry's All-Night Scavenger Hunt Is Actually Like

 

WALL STREET JOURNAL

[I]  Italy’s Political Drama Raises Stakes For Euro

[I]  Business Investment Rebounds in April

[I]  Coming to a Festival Near You: Friendly Central Bankers

[I]  Fed’s Powell Says Central Banks Can’t Take Independence for Granted

[I]  Global Economy Week Ahead: U.S. Jobs Report, Brazil GDP, Eurozone Inflation

[I]  Americans’ Confidence in the Economy Stalls

[I]  Europe’s Economy Throws a Wrench in the ECB’s Plans

[I]  The ‘Tax-Free’ Investment Causing Massive Tax Headaches

 

BUSINESS LINE

[I]  WTO panel to decide on India’s export subsidies

[I]  Govt to spend Rs. 4,000 cr on jobs

[I]  Cloud over monsoon arrival

[I]  Govt moves to arm itself with cyber warriors

[I]  Duty-free import entitlements made part of foreign trade policy

[I]  At Rs. 20,000-crore, retail bond issues to hit a new high in Q1 of FY19 : ICRA

[I]  PFRDA eyes NRIs, corporates to expand NPS member-base

[I]  Bringing dignity to challenged lives is their business

 

ECONOMIC TIMES

[I]  Monsoon set to hit Tamil Nadu, Kerala today

[I]  Riskiest junk bonds are most ‘mispriced’ since 2007: Goldman

[I]  Wheat procurement surpasses government's target by 6.25% to over 34 million tonnes

[I]  Planting begins; acreage to be the same as last year’s

[I]  No GST on support services to farmers: Finance Ministry

[I]  Time for comments on redrafting direct tax laws extended till June 15

[I]  Sale of 'going concern' exempt from GST: AAR

[I]  Number of GST amendments likely in Monsoon Session: Official

[I]  Shell companies? Another 2.25 lakh firms to get notices

 

BUSINESS STANDARD

[I]  Emerging economies under pressure as currencies weaken

[I]  Retailers look at online expansion as consumer preferences change

[I]  After petrol & diesel, CNG prices too rise in Delhi NCR; check new rates

[I]  Time for comments on redrafting direct tax laws extended till Jun 15

[I]  Revival of PPPs in highways sparks fresh private infra investments: Moody's

[I]  Delhi govt proposes strict price caps on medicines, medical products

[I]  Bankruptcy law: Banks, ARCs and FPIs can bid for insolvent companies

[I]  Sebi likely to allow futures trading in petrol and diesel

[I]  Property auctions become transparent but with riders

 

MARKETS (8:30 am)

[I]  SGX NIFTY Fut: 10653;  USDINR DGCX: 67.4675;  DJIA Mini: 24734;  FTSE 100 Fut: 7677;  NIKKEI 225 Fut: 22245;  EUR-USD: 1.1622; Crude Oil (WTI): 66.77;  Gold (Spot): 1299          

Best Regards, ARBIND

29 May 2018